taxud/2414/08 - European Commission - Europa

Web-hosting, other web-services or hosting service cover services such as the following:
Under web-hosting an airline web site offering cheap flights might for example contain a
button via which a customer can purchase travel insurance; clicking on the web site will
lead the customer to an insurer’s web site. The website receives commission for each
click through, whether insurance is taken up or not. The service provided by the website
is not intermediation. Other web-services are, for example, services where a car retailer's
web site offers goods. As an added extra the customer can purchase liability insurance by
clicking on the web site, which then leads the customer to an insurer’s web site. The
website is paid an agreed fee to host the insurer’s click through but receives no additional
payment whether insurance is taken up or not. In other hosting services, for example, a
supermarket provides leaflets for motor insurance with both a website address and a
telephone number. If the customer telephones the person receiving the call, who is
employed by the insurer, can identify that the number telephoned is the one on the leaflet
provided by the super market. The supermarket receives a fee for each sale. In all these
scenarios there is no distinct act of mediation
(c) advertising and other information services.
Advertising services are marketing services which do not require a distinct act of
mediation; such services would cover scenarios where a shop provides leaflets for credit
services with both a website address and a telephone number. If the customer telephones
the person receiving the call, who is employed by the bank, can identify that the number
telephoned is the one on the leaflet provided by the shop. The shop receives a fee for
each concluded contract. In other cases the customer uses the web site; the details are
collected by the shop and passed on to the bank. A fee is again received for every sale.
Such services are not intermediation;
Other information services provide information about a financial or insurance product
and, as the case may be, receiving and processing applications for subscription, without
issuing them. Such services are administrative handout or information transfer activities
which do not represent a distinct act of mediation.
(kk) Investment funds
Under Article 135a (10) and (11) of Directive 2006/112/EC
- "investment funds" means undertakings for collective investment in the exempted
financial instruments referred to in points (a) to (e) of Article 135(1) and in real estate
and
- "management of investment funds" means activities aimed at realising the investment
objectives of the investment fund concerned.
These provisions are complemented by Article 12 of the Regulation which provides for
the following:
1. The definition of "management of investment funds" provided for in point (11) of
Article 135a of Directive 2006/112/EC shall cover at least the following:
(a)
strategic and tactical asset management and asset allocation, including currency
and risk management;
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